Ringgit rebounds to open higher against US dollar

The ringgit rebounded to open higher against major currencies, including the US dollar today, as investors shifted their interest to the local note, a dealer said.

At 9.00 am, the ringgit was quoted at 4.2440/2530 against the greenback from4.2615/2665 on Monday.

However, the dealer said investors are closely watching China's manufacturing Purchasing Managers Index data due later, amid worries about slowing growth in the country.

Meanwhile, Forex Time Research Analyst Lukman Otunuga said the renminbi which has been included in the International Monetary Fund's exclusive Special Drawing Rights basket of currencies, has a low immediate impact on the economy of China itself.

The local unit was also higher against other major currencies.

It went up against the Singapore dollar to 3.0074/0142 from 3.0166/0222 on Monday and appreciated against the yen to 3.4448/4535 from 3.4655/4704 previously.

The local currency rose against the British pound to 6.3923/4080 from 6.3995/3079 and increased against the euro to 4.4842/4946 from 4.5061/5118.